{"id":137588,"date":"2023-04-19T09:38:40","date_gmt":"2023-04-19T09:38:40","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=137588"},"modified":"2023-04-19T12:51:18","modified_gmt":"2023-04-19T12:51:18","slug":"safemoon-hacker-agrees-to-return-80-of-stolen-funds","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/safemoon-hacker-agrees-to-return-80-of-stolen-funds\/","title":{"rendered":"SafeMoon Hacker Agrees to Return 80% of Stolen Funds"},"content":{"rendered":"<p style=\"text-align: justify\"><span style=\"font-weight: 400\">As per the recent development, The hacker who stole funds from the <a href=\"https:\/\/crypto-economy.com\/defi-decentralized-finances\/\" target=\"_blank\" rel=\"noopener\">DeFi<\/a> SafeMoon has agreed to return 80% of the money. <strong>SafeMoon announced on Twitter that they have reached an agreement with the hacker, who will keep 20% of the funds as a bug bounty, <\/strong>and in exchange, SafeMoon is not pursuing legal action against the exploiter.<strong>\u00a0<\/strong><\/span><br \/>\n<!--more--><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Breaking News: <a href=\"https:\/\/twitter.com\/hashtag\/SafeMoon?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#SafeMoon<\/a> has struck a deal with the \u201chacker\u201d<\/p>\n<p>80% LP return imminent. <br \/>20% bounty for \u201chacker\u201d<br \/>And no charges pressed<\/p>\n<p>Now, back to your regularly scheduled program. \ud83d\udd25\ud83d\ude80 <a href=\"https:\/\/t.co\/x94fSb4EoP\" target=\"_blank\">pic.twitter.com\/x94fSb4EoP<\/a><\/p>\n<p>&mdash; SafeMoonSpidey.sfm \u23b7 (@SafeMoonSpidey) <a href=\"https:\/\/twitter.com\/SafeMoonSpidey\/status\/1648319024395169796?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">April 18, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">The decision was made by keeping in mind the best interests of the company, as well as those of the community. SafeMoon can be classified as a DeFi protocol that runs on the <a href=\"https:\/\/www.bnbchain.org\/en\" target=\"_blank\" rel=\"noopener\">BNB chain<\/a>. <strong>It was hacked last month when the hacker drained Safemoon (SFM) and the Binance Coin (BNB) worth $9 million by manipulating a flaw in its smart contracts from its liquidity pool<\/strong>.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Soon after the exploit, the situation cooled off, and a great percentage of people expressed dissatisfaction over the way Safemoon handled the exploit. However, on April 18, the SafeMoon deployer account posted a transaction on the BNB chain, coupled with the hacker\u2019s address as the recipient.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">This development follows weeks after the hacker stated that they drained the funds accidentally. Not too long after the hacker made this move public, <strong>the SafeMoon team responded the same day and asked the hacker to share a Telegram handle so contact could be made<\/strong>.<\/span><\/p>\n<h2 style=\"text-align: justify\"><span style=\"font-weight: 400\">What&#8217;s Next In the Safemoon Exploit Story?<\/span><\/h2>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-137598 size-full\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2023\/04\/Exploit-1.jpg\" alt=\"What's Next In the Safemoon Exploit Story?\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/04\/Exploit-1.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/04\/Exploit-1-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/04\/Exploit-1-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">All communications between SafeMoon and the hacker remained shrouded in mystery until April 18 when it was confirmed that an agreement had been reached. Nonetheless, <strong>the Safemoon (SFM) token has gone up by around 3% in the last 24 hours<\/strong> <strong>due to positive news related to its exploited funds<\/strong>.\u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\"> It is a fact that countless DeFi protocols have become a target for exploits. At the same time, <strong>negotiating in hopes of getting the stolen funds back has increased as well<\/strong>. On April 4 this year, the <strong><a href=\"https:\/\/crypto-economy.com\/euler-finance-hacker-apologizes-and-returns-millions\/\" target=\"_blank\" rel=\"noopener\">Euler Finance<\/a><\/strong> hacker issued an apology and returned almost all of the stolen funds. <\/span><span style=\"font-weight: 400\">Similarly, the hacker responsible for draining approximately $967,000 worth of cryptocurrencies from Sentiment returned almost 90% of the stolen funds, with the remaining 10% being kept by them as a bounty.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\"> Keeping in mind how the problem is increasing rapidly on a regular basis, many Web3 developers argue that bug bounties must be higher than they currently are, and all development teams must display a sense of greater diligence when it comes to paying them.<\/span><span style=\"font-weight: 400\"><strong>\u00a0The main reason for making such statements in the first place is the belief surrounding how higher bounties could<\/strong> <strong>motivate hackers to report bugs instead of using them to their advantage<\/strong>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As per the recent development, The hacker who stole funds from the DeFi SafeMoon has agreed to return 80% of the money. SafeMoon announced on Twitter that they have reached an agreement with the hacker, who will keep 20% of the funds as a bug bounty, and in exchange, SafeMoon is not pursuing legal action &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"SafeMoon Hacker Agrees to Return 80% of Stolen Funds\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/safemoon-hacker-agrees-to-return-80-of-stolen-funds\/#more-137588\" aria-label=\"More on SafeMoon Hacker Agrees to Return 80% of Stolen Funds\">Read more<\/a><\/p>\n","protected":false},"author":22,"featured_media":137589,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[4656,5287],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/137588"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=137588"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/137588\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/137589"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=137588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=137588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=137588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}